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Steve Wozniak: Blockchain is in a Bubble due to the Hype

Frequently, Steve Wozniak, Apple’s co-founder, has shared his positive opinion about Bitcoin. However, it seems like he has changed his tune – for now. During a speech he made at the NEX Technology Conference in New York, Wozniak made many comments regarding blockchain technology.

He contrasted the current hype surrounding blockchain technology with the fervour that was observed during the dotcom era. This era saw many companies promising innovations that will drastically change lives. These promises ended up being broken.

“It was a bubble, and I feel that way about blockchain.” – Wozniak

Wozniak was most likely hinting at start-ups holding ICOs, because several advertise the application of novel, blockchain-based ideas and projects. However, there is a tendency for a large number of start-ups to nose-dive, without following through with their plans. Despite this statement, the Apple co-founder still believes in the potential of blockchain technology, because of its decentralized and trustworthy status.

Nevertheless, similar to the internet, it could be some time before blockchain technology becomes mainstream and enhances aspects of our daily lives.

“If you look now you say all that internet stuff happened, we got it, it just took a while. It doesn’t change in a day, a lot of the blockchain ideas that are really good by coming out early they can burn themselves out by not being prepared to be stable in the long run,” – Wozniak

It is noteworthy to mention that at the ‘We Are Developers’ Conference in Vienna just last month, Apple’s co-founder had a stronger belief blockchain technology, and he shared that “blockchain is the next major IT revolution that is about to happen.” Despite his current wary opinion on blockchain technology itself, Wozniak has echoed his support for Bitcoin and has also discussed Ethereum’s potential. According to him, the technology has the potential to outlive its hype, due to its use cases, alongside the tools it grants developers to build decentralised applications.

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